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Wednesday, 22 April 15
TANKER MARKET INSIGHT - STRATOS TINIAKOS
 The current environment we experience as a result of low crude oil prices is characterized by the increased demand for petroleum products in OECD countries (expected to surpass that of the developing countries by 2020), the increased output of refineries and consequently lower price of refined products.
As we have now entered Q2 and still enjoy some very good returns in the tanker market, we are looking back at the MR returns and how the MR fleet unfolds from 2012 to 2017. We see that an average of 126 vessels is delivered per year with a standard deviation of 32 vessels. The returns in the sector have increased due the factors mentioned above as well as the opening of more and more refineries around the world.
150 vessels, almost half of the orderbook, are due to be delivered throughout this year, while in 2016 and 2017 we expect 123 and 25 vessels respectively. Given the overwhelming slowdown in newbuilding activity over the past 9 months and based on the current economic projections we expect the slowdown in orders to persist for a bit longer.
In the meantime we see that the current environment do not support SnP activity, as Sellers push for more seeing their margins improve and buyers are still considering if the premium is worth at this stage.
The MR fleet up to 5 years old is expected to be around 647 vessels at the beginning of 2017. The main characteristic of the majority of the ships that were built post 2013, is that they are of eco design, which currently earns them a premium of around 10% in the t/c contracts compared to non-eco ships. According to our data the time charter fixtures concluded during the period 2012 up to now with a time horizon of 4 months up to 5 years, we observe that the majority concerns T/C contracts of over 1 year period.
The average 1 yr T/C rate for max 5yr old vessels is around 13,850 /day and it has been on an upward path since last year, while the trend for 2 yr T/C is also rising with an average rate of around usd 13,970/day. We also observe that starting 2013 and throughout 2015 rates have been increasing regardless of vessel age in both these period contracts, while 3-yr period contracts are currently being fixed at around usd16,000/ day for vessels up to ten years old, while the existence of the eco design in this case has made no difference in terms of premium.
The remaining of the year will be challenging for spot players as they will have to cope with the scheduled deliveries that will be added in the active service fleet, while in regards to new entrants – especially private equity funds – we could be seeing more aggressive movements in the form of acquisition of modern units on en-block basis. If this proves to be the case, it will also translate to more aggressiveness in fixing long term contracts as well. Obviously charterers will take advantage of the modernization of the fleet and we anticipate that they will hold back and focus on periods of 2-3 years on modern eco imo units at sub usd 16,000 levels.
Stratos Tiniakos
Tanker Chartering Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Tuesday, 21 April 15
SUB-BIT FOB INDONESIA COAL SWAP: GAINED W-O-W; DECLINED M-O-M
COALspot.com: Indonesian coal swap for delivery Q2 2015 gained week over week and declined month on month.
The Q2 swap was declined US$ 1.75 ( ...
Tuesday, 21 April 15
FOB RICHARDS BAY COAL SWAP MOVE UP SLIGHTLY
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q2' 2015 increased slightly month over month.
The Q2 swap has increased US$ 0.2 ...
Monday, 20 April 15
BUKIT ASAM TAKES OVER STAKE IN JV FROM RAJAWALI - JP
State-owned coal miner PT Bukit Asam (PTBA) announced Friday that it had taken over almost the entire stake in a joint venture (JV) that it created ...
Monday, 20 April 15
FOB NEWCASTLE COAL SWAP GAINED WEEK ON WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 3.54 per MT (-7.21%) month over month and gained US$ 0.30 week ...
Monday, 20 April 15
Q4' 2015 API 8 CFR SOUTH CHINA COAL SWAP CLOSED US$ 50.28 PMT
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 4.03 (-7.28%) per MT month over month and US$ 0.05 (-0 ...
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Showing 3061 to 3065 news of total 6871 |
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- Global Green Power PLC Corporation, Philippines
- Energy Link Ltd, New Zealand
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- Maheswari Brothers Coal Limited - India
- Marubeni Corporation - India
- Parliament of New Zealand
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Alfred C Toepfer International GmbH - Germany
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- MS Steel International - UAE
- Chamber of Mines of South Africa
- Asmin Koalindo Tuhup - Indonesia
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- New Zealand Coal & Carbon
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- Bhatia International Limited - India
- Ambuja Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Makarim & Taira - Indonesia
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Straits Asia Resources Limited - Singapore
- Star Paper Mills Limited - India
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- Krishnapatnam Port Company Ltd. - India
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Sakthi Sugars Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Indian Energy Exchange, India
- India Bulls Power Limited - India
- GVK Power & Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Riau Bara Harum - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Renaissance Capital - South Africa
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- Australian Coal Association
- Indian Oil Corporation Limited
- Africa Commodities Group - South Africa
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- Wilmar Investment Holdings
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- Aditya Birla Group - India
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- Independent Power Producers Association of India
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- White Energy Company Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Price Waterhouse Coopers - Russia
- Videocon Industries ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Mjunction Services Limited - India
- Billiton Holdings Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
- Planning Commission, India
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- CNBM International Corporation - China
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- Ministry of Transport, Egypt
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Ministry of Finance - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Tamil Nadu electricity Board
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- Trasteel International SA, Italy
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Timah Investasi Mineral - Indoneisa
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- London Commodity Brokers - England
- SMC Global Power, Philippines
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Carbofer General Trading SA - India
- Karbindo Abesyapradhi - Indoneisa
- Mintek Dendrill Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- The University of Queensland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Orica Australia Pty. Ltd.
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- Leighton Contractors Pty Ltd - Australia
- VISA Power Limited - India
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- Bharathi Cement Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- Jaiprakash Power Ventures ltd
- Posco Energy - South Korea
- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- Bhushan Steel Limited - India
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- Vizag Seaport Private Limited - India
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- Gujarat Electricity Regulatory Commission - India
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